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GIS Business : An Overview is a peer-reviewed scholarly journal and aims to publish original articles, review articles, case reports, short communications, etc. Journal indexed in SCOPUS, papers are not indexed. Send papers to editor@gisbusiness.org

  • GIS-Business Journal is Indexed in Scopus, papers are not indexed. UGC approved journal. Send papers to editor@gisbusiness.org

International Tourism in India- Perception of Foreign Tourists

Taking into consideration the unique, vast and varied tourist resource potential of India, there is tremendous scope for development of International Tourism. Aware of its rich treasure, India, in fact has consistently been trying to allure more and more world trotters, ever since its independence. Incidentally its performance has so far remained too marginal, especially in view of the existing potential, though there has been steady increase in the tourist influx over the years. Talking statistically, the Foreign Tourist Arrivals (FTAs) in India continued to grow from 1.28 million in 1981 to 1.68 million in 1991, 2.54 million in 2001, 6.31 million in 2011 and reached to 7.68 million in 2014. During the year 2014, India registered a positive growth of 10.2 %. The share of India in international tourist arrivals in 2014 was increased to 0.68%, from 0.61% in 2010, and the share of international tourism receipt was 1.58% in 2014 with Foreign Exchange Earnings (FEE) of US $ 20.24 billion. However, Indias rank in the world was 41 in 2014. India accounted for 2.92% of the tourist arrivals in Asia Pacific Region in 2014, occupying 12th ranks in the region, but none the less the fact remains that the country is desperately trying to make out its rightful place in global tourism. The present study examines Indias performance in International tourism market over the years and a look into foreign tourists perspective on various aspects of Tourism in India.
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Eduindex Journals

Eduindex Journals
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Association between Tourist Satisfaction Dimensions and Nationality: An Empirical Investigation

The Today, tourism has been appreciated and recognized as an economic giant, globally. In, fact, it has become livelihood for more than three dozen countries especially, developing nations. According to WTTC (2015) tourism contributes 10 percent of global GDP, 7.0 percent of the total world exports, 30 percent of services exports and 9.09 percent of global employment while in India the contribution of tourism in GDP has been 4.90 per cent and accounting for 6.78 per cent of total employment in the country. Tourist behavior has become more complex and complicated regarding the choosing tourist destinations/services. Therefore, most of the academicians have turned their interest towards evaluating tourist behavior. Keeping in view the importance of tourist behaviour and tourist satisfaction, the present research paper is aimed to find out the association between tourist satisfaction dimensions and nationality of the tourists.
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An Empirical Exploration of the Trip Chaining Behavior among Indian Tourists

Although a very large number of Indian tourists travel around the country for purposes of fun and work, this market has been marginalized and almost forgotten. The present study examines the travel behavior of Indian tourists whose primary purpose of trip is either hedonic or for work. Using trip pattern and trip motivation as the two factors, the tourists were divided into four types: single destination/hedonic, single destination/work, multi-destination/hedonic and multi-destination/work. The four groups were found to be statistically different in tripographics and some socio-demographic characteristics. Several important recommendations have been provided for the marketers for pursuing Indian travelers as a niche market based on the understanding of their travel behavior.
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Socio-Economic Contribution of Beach Shacks in Goa to the Shack Owners- An Empirical Study

Goa, the smallest State of India by area, attracts each year millions of tourists both domestic as well as foreign. The inflow of tourists provides employment, income and a higher standard of living to the people of Goa. It also promotes investment and infrastructural development in the State. A few industries in the State are totally dependent on tourism for their survival and one of them is beach shacks. Beach shacks in Goa are temporary restaurants, located on the beach, serving predominantly Goan food and beverages to the tourists every year. They are erected by using locally available eco-friendly materials and are open for business during the tourist season each year. The present paper is based on a study conducted during the month of April and May 2016. The sample size considered are 32 shacks located at Baga, Batalbatim, Benaulim, Calangute, Colva, Mobor and Palolem beaches in Goa. The data was personally collected by preparing and administering a structured questionnaire to the shack owners. The Statistical tools used are cross-tab and Multiple Regression Analysis. The results suggest that, shack improves communication skills, contributes in acquiring capital assets and helps in improving the standard of living of the shack owners.
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Evaluation of Guest Satisfaction about Hospitality Services: A Case of Accommodation Units in Nainital, Uttarakhand

Nainital, renowned as the Lake District of Uttarakhand, is a popular hill station in North India since the time of Britishers which attracts a large number of tourists, domestic as well as international, every year. In order to meet the need of overnight visitors, Nainital houses a plethora of accommodation units of all kinds, ranging from the budget to star category properties, as per the demand of the visitors. Satisfied and repeat customers play a key role in the success of any business. The present study was initiated with the primary purpose to evaluate customer satisfaction about the various products and services offered by the accommodation units in Nainital. The study also attempts to identify any significant broad category of determining factors of customer satisfaction specific to the accommodation industry at Nainital. Primary data, on various service attributes related to hospitality industry that can influence customer satisfaction, were collected from 200 tourists visited the study area for varied reasons through structured questionnaires by applying random sampling methods in order to achieve the framed objectives of the study. The results provide some insights on how customers rate the service quality and also highlight the broad factors determining the customer towards hospitality industry in Nainital. Thus, the result can be used as a guide for hotel managers to improve the essential quality attributes and enhance service quality as well as business performance.
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The Influence of Interior Decoration on Customers Perception of Hotels in Uyo, Akwa Ibom State Nigeria

This work evaluated the influence of interior of decoration on customer perception of hotel in Uyo Akwa Ibom State. Specifically the study identified the various interior decoration used in hotel in the study area, determined the interior decoration used in hotels that appeal to the customer more, ascertained the influence of interior decoration on the level of patronage in the hotel in the study area and suggested ways of improving the interior decoration of hotels in the study area for sustainability. The study was guided by four research questions and two hypotheses. It adopted survey research design, structure questionnaire was used for data collection. The samples for the study were four hundred (400) staff and managers from the various hotels in the study area. Data generated were analyzed using mean and standard deviation analyses of variance (ANOVA) derived from regression analyses to test the hypotheses. The result of the finding showed that satisfactory interior decoration has positive influence on the sustainability of the hospitality establishments in Uyo. The hypothesis showed that there was a significant relationship between the gender perception on the influence of interior decoration in the hotel and significant relationship between the gender perceptions on the influence of interior decoration in the hotels. From the finding it was recommended that the hotels should design interior decorative service delivery system which has an impact on customer satisfaction in hospitality industry and practiced healthy decorative environment and increased customer satisfaction.
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The Impact of Motivations, Perceptions and Satisfaction on Tourists Loyalty

Over the last fifty years tourism has grown to be one of the major industries in the world, playing an important role in the economies of many countries. Recent tourism marketing researches focus mainly on competitiveness, attractiveness, tourist loyalty to a destination, tourist satisfaction and perceived service quality, and destination image. In this study, tourist behavior can be regarded as an aggregate construct, comprising pre-visit determinants for destination choice (e.g., motivation), on-site experience (e.g., perception), post-visit evaluation (e.g., satisfaction), and future behavioral intentions (destination loyalty). Combined, these factors help to understand comprehensive destination visitor behavior. Identifying motivations of visitors and increasing the service quality of destinations are viable ways for destinations to remain competitive. In order to secure or expand Egypt tourism market share, tourism marketers in Egypt should pay close attention to travelers behavior and their perceptions of Egypt as a tourism destination. This study aims to: Understand and examine the theoretical and empirical evidence on the causal relationships among tourist motivations, tourist perceptions and tourist satisfaction and destination loyalty and examine tourists motivations and perceptions of Egypt as a tourism destination to gain a better understanding of tourists behavior finally, examine the relationship between satisfaction and loyalty. To achieve these aims a self field questionnaire was used to collect information. Path analysis used to study the relationships among variables. 400 tourists were investigated as a sample and the collected Questionnaires are 232 ones which represent a response rate of 58%. The important findings indicated that tourists motivations and perceptions had an effective influence on satisfaction as well as willingness to return, both motivations and perceptions are significantly affecting satisfaction and also motivations, perceptions and satisfaction are significantly affecting loyalty.
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Comparison of Multi-Stakeholder Perception of Tourism Sustainability in Goa

Despite being researched so widely for a considerable period of time, sustainable tourism remains a controversial issue in tourism literature with very little consensus about the understanding of the term, its practical implementations, as well as its implications. The practice of sustainability in tourism can take diverse paths as evidenced in tourism research, but recently debate is on collaboration and involvement among tourism stakeholders is gaining importance as a key to sustainable tourism development, although research in support in this issue requires further support. This study investigates the perceptions about various dimensions of sustainable tourism among four groups of tourism stakeholders, viz., Residents, Tourists, Entrepreneurs and Government Officials. To discover if difference exists, an ANOVA test was conducted for each dimension, followed by a Scheffes test to determine inter-group differences of perceptions and result shows that statistically significant differences exists in perception among stakeholder groups for six out of the seven dimensions. Differences were identified between tourist and residents, entrepreneurs, government officials in the case of understanding sustainability, focus of sustainable tourism, attitude towards participation in sustainable tourism, between residents and tourists, entrepreneurs, government officials in the case of sustainable tourism management, between tourists and residents, government officials in the case of support for sustainable tourism development and between tourists, residents and entrepreneurs, government officials in the case of economic focus of sustainable tourism. In the case of tourism industry and sustainability, none were significant.
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Eco Friendly Practices in Indian Hotel Industry: An Exploratory Study

Today, tourism & hospitality industry has been appreciated as a big giant at global level, India is no exception in this context. Recognizing its multifaceted benefits more than two dozen countries have directly and indirectly depended on this fasted growing industry. In fact this industry has become a pivotal sector for any economy for its growth and development in terms of contribution to GDP and employment generation. The direct and induced impacts of travel and tourism contributed UD$7.6 trillion into global economy and 292 million employment opportunities globally (WTTC, 2017). However, in this competitive era, this industry is forced to rethink/replan its strategies to cope with volatile business environment. Moreover, to remain and sustain in competitive age there is only one choice i.e. eco-friendly practices. Recognizing this very fact, the present paper aims at exploring the eco friendly practices prevailing in the Indian hotel industry. A structured questionnaire was development to collect the information from hotels. Usable responses were (N=265), the data were analyzed by applying the factor analysis. The results indicate that there are certain eco-friendly practices which prevail in Indian hotel industry and out of those practices there is a specific set of practices which emerged as most important for the future growth of the organization.
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A Enterprise Resource Planning Systems for Service Performance in Tourism and Hospitality Industry

Enterprise Resource Planning (ERP) Systems are amongst the most popular Information Technology (IT) software being adopted in organizations globally. Such systems offer strategic and operational improvements to firms. ERP system is an enterprise-wide information system designed to coordinate all the resources, information, and activities needed to complete business processes. An ERP system supports the business system that maintains a single database for a variety of business functions such as Manufacturing, Supply Chain Management, Financials, Projects, Human Resources and Customer Relationship Management. Now a days ERP systems has been adopted by various organizations as part of their business growth strategies and play an important role for small scale and large scale industries to run all their major functional and process operations (Batada and Rahman, 2012). ERP systems have been implemented by different industries across the world both in production and service domains. Recently, service organizations have invested considerable resources in the implementation of Enterprise Resource Planning (ERP) systems to improve efficiency, cost effectiveness and quality of service operations of the various service industries. Tourism industry is one which is depended on integrated information network that plays a critical role in enhancing business success relationship. The tourism industry has evolved and modernized considerably. An important feature of an ERP is that it functions from a single comprehensive database for the entire organization, with real time connectivity between different functions and complete integration of front, mid and back office in the Tourism Industry. The integrated solution enables a tight financial control and reduced losses due to inefficient reconciliation, duplication of work, and possible delays. The present paper is to conduct a study on understanding the relevance and applications of the ERP systems in tourism from the supply side perspective incorporating the opinions of the decision makers/managers representing the key tourism organizations having higher applications of ERP systems. Further to relate the usability of the ERP systems with the output mechanism service performance has been taken as an output indicator for which consumers perceptions have been taken in the study. The study finally examines impact of applications of ERP systems on service performance with reference to Tourism and Hospitality industry.
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Food Service Quality in IRCTC Food Outlets: A Study of Delhi (N.C.R) Region

Indian Railway is a growth engine of Indian economy and contributes significantly in the growth of Indian economy and GDP. It is fourth largest transportation system in the world and it is also the largest employment generator, which employees more than 13 lakhs employees & during the year 2015, it carries 8.101 billion passengers. From past few decades the need and demand of customers has changed significantly and this is reflected in all sectors of economy who have transformed themselves from mere a service provider to customer oriented service providers. Indian Railway is not an exception. To keep up with the changing need and demand of customers, Indian Railway established Indian Railway Catering and Transport Corporation (IRCTC) in 1999. It is a public sector venture under Ministry of Railway which professionally manages hospitality and catering services on & off stations, on trains and global reservation system. Since then it is taking consistent steps towards improving service quality of IRCTC food outlets. Today it has over 200 food outlets. The present paper is an attempt to determine service quality through assessment of expectation and perception of the customers visiting IRCTC food outlets. This research also uses modified questionnaire based upon DINESERV model to study the difference between perceived and expected service quality.
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Hotel Revenue Management: Impact of Familiarity and Information on Customers Perceptions of Fairness

Hotels theoretically can charge as many different rates or prices as they want, but if customers view the hotels rate policies as unfair, they are unlikely to patronize the hotel in future as perception of price fairness play an important role in customer satisfaction and their behavior. Considering the importance of perceived fairness, it becomes essential to understand the major factors influencing customers fairness perception of RM pricing. The purpose of this study is to determine customer perceptions of fairness concerning pricing policies charged by the hotel industry and to examine how familiarity and Information approach in pricing policies affect customer perceptions of fairness. The study was conducted in a Hospitality context (e.g. Booking and staying in five star hotel) in order to examine the effect of Familiarity and Information on customer perceptions of price fairness. A quantitative approach was used to measure respondents level of knowledge and impact of information and the current study conducted a survey with scenario based situations. The research also used Qualitative primary research through structured open ended interviews to discuss in detail related to differential pricing strategies. The interviews were conducted with Revenue Managers/General Managers from a spectrum of hotels in India. The research indicates that the high levels of transparency and information will accept rules of variable pricing, and the benefits and problems associated with the practice. This research will inform management the strategies that seek ever-finer price discrimination through the use of customer databases and individually targeted price offers. Some customer segments may be amenable to variable pricing and will happily play along with the companys rules. Other groups may not understand such rules, and in these circumstances may distrust a company that practices variable pricing.
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Quality of Work Life Practices in Indian Hotel Industry

Employees are the most valuable assets for any organization. It becomes significant for an organizations to attract and retain best talents but also to maintain them for longer term in the organization. Present paper focuses on indentifying existing Quality of Work Life Practices in Indian Hotel Industry and adoption of these practices in Indian Hotel Industry. This research closely looked at the following broad dimensions: equal opportunities and growth prospects, adequate fair and compensation, welfare facilities, social security measures, safe and healthy environment, basic facility related with employee well-being, stress management, motivational dimensions, etc. This empirical study was conducted to examine the quality of work life (QWL) practices among selected hotel of India. Convenient sampling method was adopted for the selection of hotels. Data was collected through self administrated questionnaire. Questionnaire was emailed to 350 hotels of all categories from five star deluxe, five star, four star, three star, two star, one star respectively approved by Ministry of Tourism. Data was analyzed using Descriptive statistics, KMO and Barletts Test, Reliability Test, Shaprio-Wilk Test, Dimension Analysis, Wilcoxon Signed Rank Test.
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What Really Matters to Hotel Guests: A Study of Guest Reviews of 3 Star Hotels in Bangkok

The purpose of the study is to investigate the user-generated content of guests hotel reviews available on Trip Advisor to identify the most scrutinized and discussed dimensions of a hotel by hotel guests. The results reveal that the room, staff, hotel transport connectivity, food, and proximity to other shopping and eating outlets, are the main concerns addressed by guests either as compliments or complaints in their word-of-mouth feedback. The research concludes that in a highly competitive hotel business environment an insight into guest reviews is vital for hoteliers to lay out a road map for improving the various services on offer in an accommodation property. The findings are also suggestive of the importance for hoteliers to continuously monitor the hugely available and easily accessible electronic guest feedback/electronic word of mouth (eWOM), that in the present electronic era, travels extremely fast, far and wide, critically influencing the image and sales of a hotel.
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Performance Appraisal Practices in Indian Hotel Industry: An Investigation of Employees Perceptions

This paper has a two-fold purpose: to explore the extent of inclusion of performance appraisal practices as perceived by the employees working in sample hotels and to find if these practices depend on the organisational demographic characteristics. Based on a survey of 396 hotel employee’s perceptions on performance appraisal practices were assessed by 20 practices and 5 demographic variables. To find the association of the demographic variables with performance appraisal practices Bivariate test was used. Results indicated that performance rating is based on objective ; Performance is Proper Evaluation ;There are set standards for my job; Employee performance is easy to measure ;Performance is Continuous Monitoring ;The performance appraisal system is used to set my performance goals ;Modern methods are used to evaluate the employees ; All employees in the business are evaluated may constitute the most important performance appraisal practices in the Indian hotel industry. Further, the results indicate that there is a negative association between the number of staff and most performance appraisal practices variables these findings reveal that the hotels having a large number of staff rated the additional importance of performance appraisal practices as compared to hotels with less number of staff. The study makes a modest effort to add statistics to the little empirical information available concerning the performance appraisal practices in Indian hotel industry.
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Evaluation of Food Safety and Hygienic Practices in the Tourism Industry: A Case Study of Some Selected Restaurants in the Kumasi Metropolis, Ghana

In Ghana, although a number of regulations are in place to guide caterers in their operations, hygienic practices among restaurants in the Kumasi Metropolitan area are inadequate. The hospitality industry alone accounts for about 44% of all the reported food-borne illness outbreaks. The main objective of the study was to assess and evaluate the extent at which licensed restaurants in the Kumasi Metropolis observe food safety and hygienic practices regulations in food provision. Fifty (50) respondents were drawn from the population under study, specifically from staff, managers and regulatory bodies including the Metropolitan Assembly. Primary data was collected from the three groups. Questionnaires were administered and in-depth interview was conducted. The Statistical Package for Social Sciences (SPSS) was used to analyze data collected from the respondents in the survey. The study showed that customers in the selected restaurants were very much satisfied at the extent by which restaurants in the Kumasi Metropolis observe and apply the food safety and hygienic practices. It was also revealed that there is adequate evidence to show that formal education and professional training have a significant impact on food safety and hygienic practices of caterers and restaurant managers in the tourism industry in the Kumasi Metropolis. The study recommends that restaurants in the metropolis should be encouraged to sponsor their workers to enroll in some professional programmes to acquire more knowledge for the purpose of practicing food safety and hygiene in the restaurant business. It is further recommended that regulatory bodies should improve their performance by maintaining high standard of food hygiene.
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Evaluating the Website Performance of Foreign Hotels in Indian Landscape on Balanced Score Card

This study aims to undertake the evaluation of performance of the websites of foreign origin chain hotels operating in India. The evaluation is done by incorporating the modified Balanced Scorecard (BSC) approach on four perspectives: technical, user friendly, site attractiveness, and marketing effectiveness. A set of seventy eight parameters are used to examine the sample websites. Most of the sample hotel websites are found to be user-friendly and technically sound. More is needed to be done to make sample websites marketing effective and attractive. Numerous suggestions are proposed on the basis of the results derived to improve website services online focusing on proposed areas of website improvement leading to achieve business goals.
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Antecedents and Consequences of Price Wars Among Hotels in Egypt

The hotel industry is often suffering from price wars, which have a number of reasons such as financial crises. Resulting from these reasons are going to reduce prices. The continued price reductions among hotels, resulting in price wars. So, this paper searches for developing and empirically testing a framework to examine which factors causes the price wars and the consequences of them. Using SEM to examine the data collected from a sample of 113 hotels, the results indicate supply, financial crises, pricing objectives based on discounts, and price sensitivity have a significant positive impact on price wars’ eruption. Price wars have a significant negative influence significantly on hotel profitability, hotel image, competitive position, brand loyalty. On the other hand, price wars may lead to exit from market. The results offer important implications for hoteliers and are likely to stimulate further research in the area of pricing.
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Community Based Tourism Development a Mid Complex Mountain Issues: A Strategic Analysis of Chakrata Region of Uttarakhand

The hope of livelihood enhancement for the mountain dwellers has been a climacteric and novel effort by many international and national organizations lately. Community based tourism development in these rural hinterlands is one of those efforts by many organizations and agencies. However, these developmental initiatives in the name of tourism remain in black and white. The very work through this piece of research has highlighted the ongoing developmental discourse of tourism in Chakrata region of Uttarakhand in India. Issues pertaining to infrastructure, policy, and community preparedness are top in the fray. The research has synthesized the core constraints and challenges the Himalayan region has been confronting. In the same time the results have provided some feasible strategies to make tourism development ideal in the region.
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Hospitality Interest and Inferred Domains: A Comparative Study Among Indian and Malaysian Students

Hospitality and Tourism industry is one of the fastest growing sectors in the world with its direct contribution to GDP was USD2, 229.8bn (3.0 of total GDP) in 2015. By 2026, Travel & Tourism will account for 135,884,000 jobs directly, an increase of 2.1 per annum over the next ten years (WTTC, 2016). The potential growth trends of this sector in India and Malaysia can also be predicted by identifying occupational/professional interest trends among students in the hospitality education. This study established a comparison between 400 hospitality and tourism students of two different universities located in India and Malaysia, who identify their interests in the various domains of the hospitality and tourism industry. Findings revealed that both the Indian students and Malaysian students have a deeper interest in domains like F&B Service, F&B Production, Housekeeping and Front Office. In addition, the study infers that the score was indicative of their desire to pursue careers in Cruise Lines for Indian students while for Malaysian students; they have a deeper desire to pursue careers in domains Entrepreneurship. Findings will help institutions and industry to know the trends of students’ occupational interest in totality, which will further aid Institutions and industry to make decisions on strategic planning and implementation of taking up the course, introducing specialised areas and creating enough employment opportunities in the thrust domains.
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Travel Decisions and Behaviors of Chinese Families Who Visited Space Center Houston

This qualitative study was conducted to explore the pattern of travel decision-making and behaviors of Chinese scholars and students living in College Station who visited the Space Center Houston (SCH). There were 7 participants. Interviews and content analysis were used in this study. We designed 18-item questionnaire to allow for 45- to 60-minute interviews which permitted probes and follow-up questions raised by the respondents that the researchers did not think about when planning the study. It was found that generally Chinese families made their travel decision 3-4 days prior to the visit, their purpose of visiting the SCH was mostly for children to enhance their knowledge, often they prepared poorly for the visit, little purchase behavior was shown, and they were satisfied with the experience in the SCH. Implications were also provided concerning theoretical and practical contributions and future research.
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Assessment of Green IT or IS Within the Aviation Industry Using the Analytic Network Process Approach

The purpose of this paper is to evaluate and assess the green information system and green information technology (IT/IS) investments within the aviation industry to help decision makers to reduce and overcome the negative impacts of Green IT/IS investment related to benefits, opportunities, cost, and risks. For this purpose, a total number of 380 usable questionnaires were collected from employees working in Egypt Air and 20 personal interviews were conducted with the experts. Data was analyzed using two techniques; SPSS version 16. So, Correlation analysis and Chi-Square tests (between benefits of green IT/IS and work experience) were conducted to find out the relationship between study variables (benefits, opportunities, cost and risks). The second technique was ANP version 2.8 software package for the interviews. Pair wise comparison, the unweighted super matrix, weighted super matrix, and limited matrix were used. Then the ANP priorities and the synthesized priorities for benefits were conducted. The results showed a positive correlation between opportunities, costs, and risks of green IT/IS. Despite green IT/IS benefits and opportunities, this does not negate the high cost of investments within the aviation industry, especially, the cost of powering IT infrastructure which had the greatest value from the experts’ point of view. Green IT/IS is increasing concern because of either lower costs or increased costs.
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Exploring the Impact of Internal Marketing on Organizational Commitment of Travel Agents Employees

One effective way of improving employees performance is increasing their organizational commitment to the workplace. A good internal marketing system could positively contribute to employee organizational commitment development. The current study is exploratory in nature. It aims to explore the impact of internal marketing dimensions on travel agencies’ employee organizational commitment. A questionnaire form was used to collect data from travel agencies’ employees randomly. Structural equation modelling technique was used to test the hypotheses of the study and reveal rigorous, valid, and reliable findings. Findings revealed that some dimensions of internal marketing are significantly contributing to organizational commitment of travel agencies employees. Contributions of study to knowledge and practices are also introduced.
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What Determines the Tourist Satisfaction: Evidence from Jammu and Kashmir - India

This study aims at analyzing the factors determining the tourist satisfaction towards Jammu and Kashmir tourism. The study is based on primary data which has been collected from 500 tourists respondents incorporating various tourism services and facilities provided by different stakeholders of tourism industry in the state of Jammu and Kashmir. The results revealed that the 7 combined services provided to tourists in terms of Transport, Accommodation, Food, Shopping, Public behavior & Security, Public services and Other Tourism Awareness are significantly affecting the satisfaction of tourists. Further, it was found that the suitable arrangements and availability of these factors can boost the tourist flow to the state. The state need to take up with the central government for expansion of existing aviation infrastructure so that all the major state capitals of the country could be air linked with Jammu and Kashmir. Rail and road connectivity need also be speeded up.
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Role of Technology in Development of Alternative Finance in India: A Discussion

A candid reflection into the current financial system will make a realization that Traditional corporate finance just isnt equipped to handle a fast-paced, interconnected world. Not being negative about the Indian financial services but technology has to be incremental in standing at par with the young companies requirements. Development of entrepreneurial culture and ecosystem must not negate the tech supported alternative sources of finance. Banks are becoming tech savvy however at the time due to the increased amount of risk which these young companies carry they are reluctant to back the finance requirement. Focusing on the basket of alternative finance sources like crowdfunding peer to peer lending angel investment, policy makers can provide the levee to the tech hungry startups and thus take the startup ecosystem on a strong footing. Researcher in the paper has reviewed and revisited the alternative sources of funds growing in India along with some already established sources in developed financial economies and its feasibility in India. India is the emerging as entrepreneurship and financial markets are developing and changing in evolutionary if not revolutionary manner. Keeping technology as the focus, researcher revolves around the options and sources of alternative finance, its pros cons and feasibility in India. The paper has been divided into two part first is capital availing and other is payment. Capital availing includes crowd funding and P2P lending and payment includes the Mobile wallet.
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Financial Literacy Skills: The Catalyst for Entrepreneurial Sustenance

Entrepreneurs are accepted to be the back bone of every upcoming economy. They are the growth engines of both developed and developing economies. The quality of entrepreneurs moreover, decides about the economic status of the nation. In India too, entrepreneurship is being given attention increasingly. The projects like Start-up India, Make in India are targeted towards propelling economic growth of India. Rigorous efforts are directed towards motivating the young generation of India to set up their own enterprises. The government is equally keen in easing the norms of doing business. This all provides a promising picture for economic development of India. However, the percentage of entrepreneurial sickness in India cannot be ignored. Mere start up is not sufficient but sustenance of these enterprises should also be taken care of. Various studies have pointed out that entrepreneurial sickness is mainly caused due to financial indecisiveness. Studies have also shown that the level of financial skills and knowledge among the majority of people especially among young people, is low even in advanced societies (Jacob et al., 2000, p.15). Thus, while money is one of the important issues of the human mind, most people are unwilling to talk about it not because of the lack of interest but due to their poor knowledge in this field (Fox et al., 2005). In this regard financial literacy among the budding entrepreneurs can work wonders. This paper attempts to briefly review the importance of financial literacy and tries to identify its role in entrepreneurial development.
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Community Colleges in Malawi Initiative: Transforming Malawi into a Hub of Innovation in Technology Towards Achieving Global Competiveness

Community Colleges in Malawi initiative was launched in Malawi 2 years ago. It was coined by the current President of Malawi, His Excellency Peter Arthur Muthalika. The Malawi Government observed that the unemployment rate was high and there was lack of skills among the youths. To deal with these challenges, Government has been introducing, community colleges to offer skills relevant to unemployed youths. As expected, the youths are getting skills. The followings are policy recommendations: A deliberate 3 year tax waiver on all businesses being established, introduction of special fund for start-up capital and easing cross border trade arrangements.
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Behavioural Biases in Investment Decision Making

Behavioural finance is the study of the influence of the psychological factors on financial markets evolution. Investors fall prey to their own and sometimes others mistakes due to the use of emotions in financial decision making. Investors are people with a very varied number of deviations from rational behaviour, which is the reason why there is a variety of effects, which explain market anomalies. Classical finance assumes that investors are rational and they are focused to select an efficient portfolio, which means including a combination of asset classes chosen in such a manner as to achieve the greatest possible returns over the long term, under the terms of a tolerable level of risk. Behavioural finance paradigm suggests that investment decision is influenced in a large proportion by psychological and emotional factors and even group behaviour.
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Technology Adoption Among the Students Using Technology Acceptance Model: An Empirical Study on Tripura University

The thirst of a learner is unquenchable for learning, acceptance, adopting new methods and approaches. Technology mediation is one method that aspires to provide higher learning gain among pupils. Universities across the globe adopted various modes and methods of the E-learning. However, the perceived ease of use and behavioral constraints has altogether worked as a barrier to technology adoption. This paper attempts to evaluate the perception of the business management students of Tripura University in accepting the digital learning methods through Technology Acceptance Model (TAM). Standard constructs from TAM were tested through a structured instrument and the study indicates the earlier bottleneck resistance has dropped significantly and the peer mentoring is facilitating the teaching- learning processes.
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Behavioral Biases and their Importance in Shaping Overall Investment Behavior of Indian Engineers

The study investigates the three broad dimensions viz. overconfidence, optimism and loss aversion of investment behavior of engineers and their impact on the investment behavior in context of Indian Stock Market. We have studied the importance of each Behavioral dimension/bias in shaping the overall investment behavior. Also, the sub-factors of each dimension are studied in terms of their relative importance in shaping the broad dimension. A structured questionnaire were developed and distributed among 423 Engineers who are engineering graduate. Multi-criteria technique of AHP is used to define the relative contribution of each of the behavioral bias in shaping the investment behavior. The three biases have been studied viz. overconfidence, loss aversion and overreaction. The results revealed that overconfidence is the most important bias and plays most important role in shaping investment behavior followed by loss aversion and optimism. The most important factor in deriving overconfidence is self-attribution. Results also reveal that most of the engineers are loss averse because they do not like to realize their losses. However, they are not so optimistic for the stock market that they dont expect the price rise even after a long fall.
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Current Collaborative Economies Business Model Airbnb: Changing the Hospitality Industry

This paper focuses on the study of one of the most recent and successful technology-based startups, whose nature is the hospitality industry. Airbnb is part of the model peer to peer of the collaborative economy, which means it is participating in a Community market based on trust the host-guest experience for traveling richer than it would simply stay in a hotel. For the development of this work the research methods will be descriptive and analytical due to the interest of not only explain the origin and strategies that practices the company but also doing an analysis of the tendency of users, both the hosts and guests about their perception of the services offered and whether it will become the preferred way to rent a space. The trends show that the explosive growth since its inception continues to be a trend, as long as the regulations imposed by different governments are met and that trust between users stays strong.
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Quantification of Risk Appetite for Young Professionals: An Empirical Study

The debate over quantification of risk appetite of investor keeps evolving. As the modern portfolio theory gained prominence, the area has grabbed researchers interest world over resulting into many significant contributions made so far. However, this area needs exploration in Indian context to add to the existing body of knowledge. This paper is an attempt to contribute in this direction by developing the instrument for quantification of risk appetite. The final outcome of the study is a questionnaire with twelve items and four factors; 1. Psychological Perspective, 2.Financial Stability Perspective, 3.Societal Perspective, 4.Tendency to Panic. The researchers used Factor Analysis (EFA) to surface dominant factors attributable to quantification of risk appetite. The methodological framework included identification of factors by using anti-image correlations and Varimax Rotated Component Matrix. The sample of 160 young professionals from Rajkot and Ahmedabad were found adequate as per Kaiser-Meyer-Olkin Measure of Sampling Adequacy. As the study pertains to quantification of complex behavioral aspect, Chronbachs Alpha of fifty percent was considered satisfactory. The researchers believe that the study will predominantly facilitate Portfolio Management Services (PMS) to categorize investors based on their risk appetite. This would also be of relevance for Asset Management Companies (AMCs) to structure the schemes according to the risk profile of the investors.
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Why Repeat the Failed Experiment? The Logic & the Economic Cost of the Note Ban

Demonetization is not new in India. Though twice tried earlier and failed, it was of late attempted again for the third time to fight black money, corruption and counterfeit currency. The recent note ban was however unique and unprecedented unlike the previous experiments owing to several factors. One major difference was its devastating impact on the lives of millions of people across our country. The acute liquidity crunch literally brought the informal sector of India to a standstill position. The study tries to understand the logic of using the demonetization exercise again, and analyzes its economic cost in the light of data and evidence available. More so, the study examines the arguments of the advocates of demonetization and draws a realistic conclusion with an alternative proposal. It questions if the government could have avoided this painful exercise and done it differently to achieve the goals it desired.
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Determinants of Purchase Intention of Private Brands in India: A Study Conducted on Hypermarkets of Delhi

The present study proposes to study the impact of factors that affects the purchase intention of customers toward private brands with the broad objective to assist managers and marketers to gain good insight about the behavior of Indian buyers so that they can formulate effective strategies to improve the overall performance of private brands in terms of customer acceptability in hypermarkets. Based on extensive review of literature seven independent variables namely perceived price, perceived quality, perceived risk, perceived value, store image, store brand familiarity, shelf space allocation are identified to analyze the purchase intention towards private brands as dependent variable. The study was conducted Sep to Dec, 2017. For this research Delhi city is the main focus of this study as there are many hyper markets operate in this city. As well Delhi is full of multi-social class of people. Therefore, this research is to study Indian consumer attitude towards private brands. The research design used is causal research design. Data was collected from the customers through primary sources using questionnaire as instrument. A survey questionnaire was prepared using five point Likert scale to measure the response on continuous scale. Sample frame constitutes the customers of two hyper retail stores (Big Bazaar and Easy Day) who purchased the private brand in their purchase. Sampling techniques was judgemental and the effective sample size was 369. Descriptive and inferential statistics was used as data analysis tool. The taken model explains 76.2% variably of purchase intention of private brands by identified seven variables. Six independent variables viz., Perceived price, Perceived quality, Perceived risk, Perceived value, Store image and Store brand familiarity have significant impact on purchase intention towards private brands while one independent variables viz., Shelf space allocation have no significant impact on purchase intention towards private brands. Perceived risk & Perceived price is negatively related with purchase intention towards private brands. Store image has highest impact followed by Store brand familiarity and Perceived value. On the basis of the results of this research, it can be recommended the hypermarket retailers should try to enhance the image of their store and their private brands. They should also create the brand value which means that the benefits sought must overweigh its cost. As price and perceived risk are negatively related so the retailers should be vigilant about the price and perceived risks by the customers of private brand customers.
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Effects of Online Buyer Characteristics on e-Service Quality

In addition to customer perception and expectation, e-service quality take account of all possible communication stages connecting customer and e-Service providers website. Keeping this in view, present study was conducted and data were collected from 703 online buyers from three states of India following the guidelines of diffusion of Innovation theory (Rogers, 1983). The result of the present study reveals that Perceived overall Service Quality depends on group of factors such as Propensity of Online Buying, Actual Online Buying, Understanding levels of e-Shopping, Perceived Security on e- Payment, Preference for Physical Payment and Intensity of Internet Usage among Online Buyers. More specifically, Understanding levels of e-Shopping among Online Buyers in e-Retailing is found to be having significant superior effect on Perceived overall Service Quality. Similarly, Perceived Security on e-Payment among Online Buyers in e-Retailing causes significant good effect on Perceived overall Service Quality in e-Retailing. However, Actual Online Buying, Preference for Physical Payment and Intensity of Internet Usage are not found to be significant.
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Green Human Resource Management Models: Review and Proposal

The objective of this study is to review the existing research models of green human resource management (Green HRM) and then conclude the paper with a comprehensive research model for future study. This methodological aspect of this study is qualitative and accordingly the study is carried out based on the archival method. The key components of the existing research models were identified and discussed. The study is supposed to contribute to the existing field of research as this is the first kind of research in this field. Research gaps and policy implications are identified.
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What Do Backers Trust When They Do Not Know Initiators? Crowdfunding Experimentation in India

Purpose - The establishment and sustainability of the transaction depends on the willingness of the actors to meet their commitments. They are usually loyal when they trust. Trust emerges when one party believes that the other party achieves prior commitments without taking advantage of his/her exchange partner, even of the opportunity manifests. This paper aims to explore how crowdfunding platforms can build trust to simultaneously attract project initiators and contributors and facilitate transactions between them. The focus is put on the third-party sources of trust building: cultural, politico-legal and independent certifying institutions. Design/methodology/approach - To answer to the research purpose we adopt the method of experimentation with four fictitious, but highly plausible platforms: One platform represents the control reference. Three more platforms are designed according to the three types of thirdparty trust builders (as independent variables): network of acquaintance (group pressure), label of certification designated by the nongovernmental professional organization, and the politico-legal authority. Findings - The ANOVA analyses reveal unexpected results. While there are significant differences on behaviors of time spent and pages visited across the experimentation websites, the behavior of donation does not present any significant difference at the time of experimentation among the control website and the three other declinations, which are supported by different third-party builder of trust. The differences in donation behaviors are not however statistically significant. Thus, it can be stated that the different types of third-party trust builders do not alter the magnitude of donation behaviors. They, however, do alter the stickiness behaviors. Originality/value - Results and insights gained from this research extend the theoretical literature on trust in general and trust building in emerging P2P markets in particular. The findings also provide actionable policies for practitioners in particular in the two-sided markets where platforms need to build trust between different parties. Our results might yield to actionable policies to build trust beyond the sector of crowdfunding, which was our field of research. Consequently, marketers and business responsible managers can proactively contribute to build trust, in order to ease and speed up transactions and exchanges.
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Lagrangian Relaxation for the Capacitated Dynamic Lot Sizing Problem

In this paper, we consider the capacitated dynamic lot-sizing problem and assume that all conditions of Wagner-Whitin (1958) model apply except the capacity restriction. We give three different formulation of the problem. We relax the capacity constraint and initiate the Lagrangian procedure. At each Lagrangian iteration, we solved the uncapacitated lot-sizing problem by the Wagner-Whitin method that runs in O(n2) time. We compare the quality of bounds so obtained. In particular, we find that the Lagrangian procedure that modified the setup cost turned out to be inferior to the Lagrangian procedure that modified only the holding cost.
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Corporate Social Responsibility And Stakeholders: An X-ray of Rubber Research Institute Gashua

Efforts are now made towards encouraging companies to respond to environmental and social issues in their host communities. This research evaluates the impact of Corporate Social Responsibility (CSR) on stakeholders of Rubber Research Institute in Gashua-Nigeria. The paper is anchored on the Stakeholder Theory as propounded by Freeman. The data for the study was sourced through primary and secondary means. The study revealed that, the Institute provided corporate activities for the host community in the areas of staff and farmers training. The institute has however failed to extend its services to the area of providing education and health facilities for the host community. The study concluded that, the institutes CSR has helped to enhance healthy relationship between the host communities. The study therefore, recommends amongst other things that more corporate activities especially in the area of educational and health facilities should be provided to the host communities.
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An Analysis on Employment of Funds of Employees State Insurance Corporation (ESIC) of India

ESI scheme is the first social insurance measure in India to provide socio-economic protection to the worker population of the nation. As ESIC is a unique institution and ESI scheme of India is a major multi-dimensional social insurance programme that has over the last six decades emerged with its phenomenal growth in terms of geographical reach, demographic coverage, multi-faceted services and infrastructure it becomes imperative to appraise the performance of ESIC. As the major components of income and expenditure are increased year by year, an analysis on employment of funds is revealed that there is proper employment of funds and there is a positive relationship between income and expenditure of the ESIC. From the study it is clear that ESI scheme protects the insured persons from catastrophic health expenditure and promotes health seeking behavior of the beneficiaries.
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Effects of e-Payment Security and Understanding Levels of e-Shopping on Service Quality

Debating e-Service Quality deeply in connection with the previous work namely online Buyer characteristics effecting e-Service Quality, the results reveal that Understanding level of e- Shopping among Online Buyers has significant dependency on Service Quality dimensions. Out of eight Service Quality dimensions four Service Quality dimensions are found to be causing significant levels of dependency effects on Understanding level of e-Shopping. Also, Perceived Security on e-Payment has significant dependency on Service Quality dimensions. Out of eight Service Quality dimensions four Service Quality dimensions are found to be causing significant levels of dependency effects on Perceived Security on e-Payment among Online Buyers. Further, three out of four Service Quality dimensions are positively related with Perceived Security on e- Payment, the Service Quality dimension Compensations is identified as Inversely Related with Perceived Security on e-Payment among Online Buyers.
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A Study on Factors Responsible for Growth of Entrepreneurship in North East India with Special Reference to Tripura

The Entrepreneurship process is established throughout the world as successful tool for social and economic development of rural people. Multiple factors are responsible for propagating entrepreneurship such as motivation and individual skill, social and cultural environment where entrepreneurship is fostered and the challenges or problems one entrepreneur is facing. This study is an endeavor towards assessing the impact of multiple factors on entrepreneurial growth and it has also highlighted the significant factors having influencing relationships within. The study has come out with findings that, multiple factors play significant role for the growth of rural entrepreneurship rather individual factors which has a lesser impact on growth.
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Development of Strategic Interpretive Structure Modeling Linkages in Himalayan Tourism Industry

The Himalayan region is a popular tourist destination. It attracts massive inflows of tourist in this region round the year. Most of the tourist comes here either for adventures or pilgrimage purpose. Tourism is a multidimensional crucial development parameter of the world economy. Travel & Tourisms impact on the economic and social development of a country can be enormous: opening it up for business, trade and capital investment, creating jobs and entrepreneurialism for the workforce and protecting heritage and cultural values. For the purpose of present study we have chosen the complete Himalayan Region which consists of Western Himalayas of Kashmir and Punjab Region, Central Himalayas of Kumaon and Nepal Region and Eastern Himalayas of Sikkim, Arunachal Pradesh and Eastern part of Tibet as it provides both adventures and pilgrimage tourism along with educational tourism. Tourism here is a source of employment opportunity which provide source of living to local people. Therefore there is a need to understand the factors influencing or impacting on tourism industry in Himalaya. For that purpose we utilized the Interpretive Structure Model for development of Hierarchical relationship among factors identified. This model helped us to understand the situations and problems associated to Himalayan tourism industry, which further get improved and rectified by partially utilizing flowing stream strategy.
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Achieving Sustainable Strategic Advantage through Inclusive Business: Reflections from Selected Cases

The inclusive business concept has significantly influenced the way companies operate and do business in emerging and developing markets over the last few years. Inclusive business fundamental assumption is that it contributes to solving global development issues and helps improve company profitability. The current article, which is based on an analysis of three inclusive business cases in emerging and developing markets, aims to identify how an inclusive business can contribute to a companys sustainable strategic advantage. The paper verifies that innovative, inclusive business interventions have, by solving development problems, helped companies successfully develop a strategic advantage.
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Residents Perceptions of Spring Break Tourism: The Involvement or Empowerment Perspective

This study examined the attitudes towards Spring Break niche tourism that has developed over the past 40 years in the United States, especially given popular perceptions and associations. Insights from numerous tourism studies concerned with local attitudes imply that residents interest in travel and tourism is likely to moderate their attitudes toward niche tourism in their own community. In reference to both conventional and niche tourism markets, several scholars have recognized shifts in community perceptions of tourism benefits or costs in relation to their own potential authority or power in tourism matters. However, as research on niche tourism products and markets is limited, equally limited is the understanding of the role of residents general interest with tourism or travel and empowerment in tourism decision-making. An important contribution of this paper to the body of literature on tourism attitudes is that it brings to attention the importance of residents Involvement with travel or tourism in perceptions of niche markets. To enrich the findings, this study examined differences in attitudes toward Spring Break tourism associated with perceived empowerment.
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Effect of Quality of Work Life on Job Satisfaction and Organizational Performance: A Structural Equation Analysis

All the organizations are in a position to retain their employees happy and satisfied for the continuous work flow towards success. By ensuring the quality of work life at the work place, the employers can retain their talents and tends towards the job satisfaction and organizational performance. These two positive outcomes along with quality of work life needed to be treated positively to keep the employees motivated to provide their contributions to the organizational effectiveness. With this background the purpose of this study is to find out the degree of relationship among quality of work life, job satisfaction and organizational performance among the bank employees. In total 357 employees were selected from both public and private sector banks. Explorative Factor Analysis was adopted for the validation and Structural Equation Modeling was used to test the extent of relationship among the variables. The results of the study shows that there is positive significant relationships among quality of work life, job satisfaction and organizational performance.
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Testing the Long Memory Feature in Indian Equity Market

The Present paper examined the long memory behavior in Indian equity market. This paper uses the data from January 2000 to March 2018 of Sensex, Nifty-50 and VIX. By using the Rescaled range analysis as proposed by Lo (1951) ‘Hurst Exponent’, this indicates that there is significant long memory in Sensex and Nifty-50 returns series. However, volatility does not show any persistence but exhibit clustering. The study conclude that there is not persistence behavior with respect to long memory effect on Nifty-50 returns subject to occurrence of structural breaks(demonization).The study concludes with managerial relevance and issued for futures research. Findings would be beneficial for the investors, practitioners, academics and policy makers etc. To the best of our knowledge, there is dearth of literature on the subject in Indian equity market. Therefore the present study is an attempt to plug this gap.
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Business Turnaround in the Technological Era: The Study of Selected Manufacturing Industries in Nigeria

Obsolesces has taking many products un-aware and as such, been wiped out of the market by their competitors who are environmental scanner, creative and innovators. However, this study examined the relationship between product change and the performance of manufacturing industries in Nigeria.The study employed a descriptive survey design methods of sample size technique to determine the study sample from thirty (30) selected manufacturing industries in Nigeria. This makes the study sample size to be twenty-two (22). The collected data were analyzed using an inferential and statistical equation with the aid of statistical packages for social sciences (SPSS). The findings reviewed that the inferential results indicates a significant correlation between independent and dependent variables of R-Square (R2) which is computed as 95% of the variations in return on assets (ROA) which can be explained by firm size (FSZ), Leverage (LEV), Tangible assets (TGA), Liquidity (LIQ) and Growth (GRTH). It inculcate that turnaround nature in business through technological advancement has called on organizations to go for deep environmental scanning and be up to date in consumer taste.It recommends that organizations are to streamline their processes so as to reduce costs, lead time and improve performance. Finally, it also called for originality inculcation for organizational survival.
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Equity and Efficiency of Foreign Direct Investment in Indian States

The two relevant criteria for evaluating the performance of the Indian economy in regional terms, in respect of FDI flows, according to our understanding are efficiency and equity. Since FDI is primarily a relocation of international production it is based on the principle of optimal resource allocation. The notion of efficiency, in this context, refers to the tendency of FDI to flow to those regions or States which have efficient production. The other side of the coin is that an efficient State deserves to get a greater share of FDI. This spells out the notion of equity. The paper uses set of new indices, including index of rank dominance, which shows that the most dominant centre is Mumbai. The paper also uses a 2-Stage Least Square (2SLS) estimation procedure, with two panel regression fixed effects models. There is a very high elasticity of FDI flows w.r.t. SDP growth. Also the results show that there is an extremely high negative correlation (-0.996) between equity and efficiency. The states that are more efficient receive less of FDI flows. This points towards non-economic forces in operation that influence FDI flows and regional development.
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The Effect of Mergers and Acquisitions on Shareholder Wealth: The Case of European Banks

In this paper we investigate the effect of announcements of mergers and acquisitions on bank shareholder wealth. Despite the major impact of the phenomenon of mergers and acquisitions on the future of the European banking industry, there are currently few studies that investigated this area. This is largely due to the fact that it is a relatively recent phenomenon since it began to grow in 1997. Based on a sample of 97 European banks over the period 1997-2008, our study showed that the European banking mergers and acquisitions create value but all of this value created by the purchasers bid is received by the shareholders of the target. These appear to be the main beneficiaries of mergers and acquisition. However, shareholders of acquiring banks, meanwhile, are not harmed by the operations of mergers and acquisitions initiated by their leaders.
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Rise and Fall of Interest Rate Futures in Indian Derivative Market

Interest rate derivatives are the most traded and widely accepted derivative instrument in the international market. But this product is not popular in Indian derivative market. In 1999, the Over the Counter (OTC) interest rate derivative products were introduced and successful in terms of volumes. The Indian financial market introduced exchange traded interest rate derivatives in the year 2003, 2009 and 2014. While the product failed twice, in the third time (in 2014) the initial volumes are sharply declining in three exchanges viz. MCX-SX, NSE and BSE. In this backdrop, this study attempts to analyse the past, present and future of interest rate futures in Indian derivative market using the volumes, values and open interest of Interest rate derivatives for three exchanges.
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Prior Return Effect in Indian Stock Market: An Intra-day Analysis

In a first of this kind, this paper examines the issue of prior return effect in Indian stock market in intra-day analysis using high frequency data. We document that in Indian stock market, security returns exhibit a reversal in their direction within few minutes of extreme price rises as well as price falls. However the speed with which the correction takes place is slightly different for good news events and bad news events. Indian investors tend to be optimistic as they immediately bring stock prices up following unjustified price falls but take time to bring stock prices down following unjustified price rises. These findings lend a further support to short-term overreaction literature. More importantly, these findings serve as a proof of predictability of the direction of future stock prices and consequent returns on an intra-day basis. It forwards important investment implications for traders, fund managers, and investors at large.
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Credit Risk, Capital Adequacy and Banks Performance: An Empirical Evidence from Pakistan

Credit risk is one of the major risks in banking operations now-a-days. For sustainable financial performance, credit risk management is of crucial importance. Non-performing loans are the major element of credit risk that negatively affects the banking performance. To cater such risk, banks have to maintain certain percentage of capital as cushion with central bank as per BASEL requirements. Efficient credit risk management contributes positively towards banking profitability. This study aims to investigate, how credit risk and capital adequacy affects the performance of commercial banks in Pakistan. This study identifies the exposure of Pakistani commercial banks towards credit risk and impact of credit risk management practices for 6 years. The findings of this study help the risk managers to ensure prudent credit risk management practices that will help in reducing non-performing loans and improving banking performance.
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Effects of Firm Specific and Macro-Economic Factors on Trade Credit Supply: The Case of a Developing Country

This study answers the call of understanding trade credit determinants and consequences in different cultures and economic setups in order to be able to devise policies. Trade credit is the separation between the delivery of goods and their payments. It is affected by two types of factors including firm specific characteristics and macroeconomic conditions. This study investigates the following firm specific variables such as firm size, liquidity, product quality, price discrimination and macro-economic conditions viz GDP. Data have been collected for trade credit supply determinants of non-financial firms listed in Karachi Stock Exchange, Pakistan. The number counts for 156 firms in 13 sectors with 11 years data from 2001-2011. The results show that all the variables are significantly related to trade credit supply as hypothesized.
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Measuring Access of Microfinance on Poverty in India: Towards a Comprehensive Index

The outreach of micro-finance programme is considered to be a means enhance the economic well-being among the member means to enhance households through poverty alleviation. A wide cross-country variation in the outreach of micro-finance programme to the poor households is observed in the world. Despite the significant growth of micro-finance institutions and its active borrowers, the penetration of micro-finance lending services to the poor households in India is observed to be limited. In addition, there is a wide inter-state disparity in the achievement of micro-finance outreach in India especially among the poor households. A composite index has been constructed using the penetration, availability and usage indicators of micro-finance outreach to examine the interstate variations in the level of its achievement. Subsequently, attempt has been made to analyse the role of micro-finance in alleviating poverty across the states of India. The result shows that out of 27 states and Union Territories, only in seven states (Kerala, Andhra Pradesh, Tamil Nadu, Goa, Himachal Pradesh, Tripura, and Karnataka) outreach of micro-finance programme has made a significant impact on the reduction of poverty.
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Optimal Asset Allocation of Assets in an Open Pension Plan

Given the generally long term nature of pension plans, the behavior of the market plays a crucial role in making a pension plan able to meet its obligations. Regardless of the market performance, the structure of the benefits remains the same, unless they are negotiated to be at a different level. In this paper, we studied primarily the impact of market performance on a pension plans ability to meet its obligations. We studied the period from 1974 to 2010 and included asset allocation strategies that varied from allocating 25% to 100% weight assigned to equity portfolios. The goals were to determine which type of asset allocation system is the most efficient across all time horizons. Our results show that it is not necessary to have an overly aggressive posture to equities. Indeed, as assets become more exposed to equities, the efficiency of a portfolio (as measured by Sharpe ratio) declines. We found that an exposure to equity in the range of 35%-50% is sufficient to meet most pension obligations, provided that the plans are fully funded at the outset. We acknowledge and thank the support of all members of the research committee of SOA for their valuable comments.
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A Deterministic Description of Irrational and Semi-Rational Bubbles in Asset Markets

This present work provides a deterministic description irrational and semi-rational bubbles based on the stylized description forwarded by Hyman Minsky (1972), Day and Huang (1990) respectively. The paper emphasizes on two areas: First, it proposes a mathematical representation of an irrational bubble using piece-wise linear maps in a discrete time frame. Second, it studies the chaotic signals generated by them to explain the instability in asset price bubbles and explains the factors which impact their longevity.
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Examining Contemporaneous Relationship between Return of Nifty Index and India VIX

The study examines the contemporaneous relationship between Nifty returns and India VIX returns. Literature documents that the relationship between them is negative and asymmetric. Building on this, the study considers the linear and quadratic effect of stock index return (CNX Nifty) and examines the changes in implied volatility index (India VIX). The study finds both linear and quadratic CNX Nifty index returns are significant for changes in the level of India VIX. Findings suggest that India VIX provides insurance both for downside market movement and size of the downside movement.
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Impact of Weather on Return and Volatility: Evidence from Indian Stock Market

This study examines the impact of Weather factors on return and volatility of the Indian stock market. The study uses the daily data of top four metros and tests its impact on the return and volatility of S&P CNX Nifty index from January 2008 to December 2013. This study applies GARCH (1, 1) model and find that the stock returns are influenced by temperature in Chennai and the stock return volatility influenced by the temperature in Mumbai, Delhi and Kolkata.
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Price Discovery and Market Efficiency of Commodities Futures Market in India- A Cointegration and Causality Analysis

The paper studies the Indian commodity futures market in order to determine the price discovery, long run market efficiency and short run dynamics in futures market using by time series analysis tools. To test the market efficiency and long run equilibrium, tools like Engle and Granger co-integration test (1987) and Johansen co-integration test (1988) have been applied. The Granger Causality (1969) test is used test the market efficiency to infer cause and affect relationship between spot and futures market in India. To examine efficiency of commodity futures and spot market the MCXs1 four spot and futures commodit
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Robust Benchmarking of Indian Mutual Funds-A Partial Frontier Approach

Performance analysis of mutual funds is usually made on the basis of return-risk framework. Traditionally, excess return (over risk-free rate) to risk ratios were used for the purpose mutual fund evaluation. Subsequently, the application of non-parametric mathematical programming techniques in the context of performance evaluation facilitated multi-criteria decision making. However,the estimates of performance on the basis of conventional programming techniques like DEA and FDH are affected by the presence of outliers in the sample observations. The present, accordingly uses more robust benchmarking techniques for evaluating the performance od sectoral mutual fund schemes based on observations for the second half of 2010. The USP of the present study is that it uses two partial frontier techniques (Order-m and Order- a) which are less susceptible to the problem of extreme data.
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Mobile Money Landscape in the 12 SADC Countries using FinScope Survey Data

There is no doubt that mobile money is bringing the under-served and the excluded population into the main stream financial services corridors. Based on the FinScope surveys, mobile money is becoming one of the enablers of financial inclusion. In an increasing number of developing countries, a number of poor people are using basic mobile phones to transfer money, paying for goods and accessing some basic financial services. According to the World Bank, mobile financial services are amongst the most promising mobile applications in the developing world. Although FinScope results show that mobile money usage is relatively low (23%) in the SADC region, the trend of usage is coming up fast. FinScope results show that close to 7 in 10 mobile money users are using it as a remittances/money transfer vehicle while 54% for buying airtime. It is encouraging that about 7 million adults (24% of mobile money) store value or save money in their mobile money accounts. Some barriers to mobile money relate to: affordability, perceived cost of mobile money, lack of understanding of mobile money/lack of awareness and no access to cell phones. Besides these barriers, mobile money is becoming a game changer for the landscape of financial inclusion in the SADC region.
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Monthly Patterns in Egyptian Stock Market

In this paper, monthly effect in Egyptian stock market is investigated for the period January 2007 to July 2015. After examining the random walk hypothesis of the return series, a Seasonal Autoregressive Moving Average (SARMA) model is specified to test the monthly effect in Egyptian Stock market. The results of the study imply that the banking sector of stock market is informationally efficient and does not confirm to the existence of seasonality in stock returns.
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Study and Analysis of Dividend Policies, Practice and Its Application in Mumbai based Corporate Houses

In the present paper an attempt has been made to study dividend policy of Mumbai based companies of India. The study tries to assess the level of perceived awareness about models and use of dividends policies, analyses the factors affecting dividend distribution decisions and evaluates the impact of the same on the financial decision-making of companies. In addition the paper tries to understand the correlation between size of companies and distribution of dividend policies. The results of the research paper show that a majority of the fifty respondent Companies follow a policy of consistent dividend rate which is influenced by profit after tax, and finally the legal requirements. It is further observed that generous dividend or erratic divided policies are not popular choice among fifty respondent companies. The use of traditional method of dividend policies which suggests that market price increases with declaration of dividend is strong and dominant. Followed by the Modiglani Miller Method which indicates that dividend distribution has no impact on valuation. On the contrary it is found that Investment decisions influence share valuation. This is further followed by Walter Model where impact of dividend on share price depends on the IRR visa-a-vis cost of capital) and Gordon Method in which dividend policy has an impact on share valuation. Statistical tests such as Friedmans ANOVA test, Kruskal-Wallis ANOVA, and, Karl Pearsons Coefficient of Correlation analysis are used for analysis and the validity of the collected data is checked by using Cronbachs alpha.
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Are Stock Markets Interdependent? An Empirical Study of Selected Market Indices

It has been acclaimed by various researchers that international diversification has reduced its charm as return-risk of the world markets are highly correlated due to information spillover effect and globalization. This study examines inter linkages and interactions, if any, among the selected twelve indices of developed and emerging economies. The study applies descriptive statistics, correlation coefficients and Granger Causality test to check basic characteristics of each indices and their correlation and impact on each other. Granger Causality test for some indices shows that return of one market index had causal influence on return in other market index. The finding of this paper gives good insights to the international investors who are looking to reduce risk for a given level of return.
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Mobile Money - A Catalyst for Financial Inclusion in Developing Economies: A Case Study of Zimbabwe using FinScope Survey Data

Mobile money in Zimbabwe has extensively extended the frontiers of financial inclusion to reach millions who were earlier excluded within a relatively short space of time. The growing use of mobile phones in transferring money and making payments has significantly altered the countrys financial inclusion landscape as millions who had been hitherto excluded can now perform financial transactions in a relatively cheap, reliable and secure way. The FinScope results found out that 45% of the adult population use mobile money services. Of those using mobile money, 65% mentioned that is convenient, while 36% mentioned that it is cheap. Mobile money is accessible. These drivers are in the backdrop of few or no bank branches in rural communities as well as time and cost of accessing the bank branches. In Zimbabwe, mobile money is mostly used as a vehicle for remittances. While some people are enjoying mobile money services, it is important to mention that there are still people who are excluded from the formal financial system. The reasons why people do not use mobile money are mainly related to poverty issues. Mobile money remains a viable option to push the landscape of financial inclusion in Zimbabwe and other emerging markets where the formal financial system might not be strong.
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Are Indian Investors Return Chasers? An Anatomy of their Trading Behavior

Momentum has remained an unanswered anomaly in finance literature. Researchers have pointed out two arguments, whether the source of prior return anomalies are rational or behavioral. In this paper, we examined return chasing tendency investors and the profitability of probable price momentum strategy in Indian equity market using the monthly return data of equities represented in BSE-500 index encompassing the time period from July 2004 to Jun 2014. Study is an attempt to analyze momentum effect before, during and after the financial crisis of 2007–2009 to check whether investors continue to follow the same strategy during crisis or their behavior undergoes any change. Also study examined the adequacy of rational CAPM models to explain momentum profits. The result evidenced a strong presence of economically and statistically significant momentum profit in Indian stock market equity returns. Therefore return chasing tendency of Indian investors is found to be persistent in the intermediate horizon in Indian context. Closer observation of the results reveals that, Indian investors are winners chasers rather than investor in past losers. Study also confirmed that investors sentiments are volatile according to general market environment and inadequacy of rationalist equilibrium model to explain momentum profits.
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Multi-Index Conditional Investment Performance Measure: An Empirical Analysis

The present study seeks to examine the mutual fund performance of the open-ended selected equity schemes of UTI based on multi-index measures as well as conditional multi-index measure. It is observed from the analysis that multi-index measure is able to capture the beta and alpha effects on market adjusted basis and the estimated coefficients is a better representative as compared to the single index measure. When time lagged (lagged at 1 month, 2 months, quarterly and yearly) multi-index measures are applied then the estimated coefficients (alpha & beta) which are market adjusted and time adjusted look more representative than the multi-index measure (without lagged effect). Finally, when we extended the time lagged multi-index measure on a conditional way (conditional on public information variables) then we observe that conditional multi-index lagged measure provides much more representative results in all respects as compared to the all measures after conditioning public information effects.
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CEO Compensation and Acquired and Acquiring Companies in Large Corporate Acquisitions

This paper examines the relative sensitivity of CEO compensation of both acquiring and acquired firms in the top 30 U.S. largest corporate acquisitions in each year for the period of 2003 to 2012. We find that total compensation and bonus granted to executive compensation for acquired companies, not acquiring companies, are significantly related to the amount of acquisition deal even after the size and firm performance are controlled for. Both acquiring and acquired CEOs are found to make the significantly higher compensation than the matched sample firms in the same industry and calendar year. We also find that executives with higher managerial power, as measured by a lower salary-based compensation mix, prior to a corporate acquisition are more likely to receive a higher executive pay in the year of acquisition. The association between executive compensation and managerial power seems to be stronger for acquired firms than for acquiring firms in corporate acquisition. Overall, our findings suggest that corporate acquisition has higher impacts on executive compensation for acquired firm CEOs than for acquiring firm CEOs.
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Are Stock Markets Interdependent? An Empirical Study of Selected Market Indices

It has been acclaimed by various researchers that international diversification has reduced its charm as return-risk of the world markets are highly correlated due to information spillover effect and globalization. This study examines inter linkages and interactions, if any, among the selected twelve indices of developed and emerging economies. The study applies descriptive statistics, correlation coefficients and Granger Causality test to check basic characteristics of each indices and their correlation and impact on each other. Granger Causality test for some indices shows that return of one market index had causal influence on return in other market index. The finding of this paper gives good insights to the international investors who are looking to reduce risk for a given level of return.
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Mobile Money - A Catalyst for Financial Inclusion in Developing Economies: A Case Study of Zimbabwe using Fin Scope Survey Data

Mobile money in Zimbabwe has extensively extended the frontiers of financial inclusion to reach millions who were earlier excluded within a relatively short space of time. The growing use of mobile phones in transferring money and making payments has significantly altered the countrys financial inclusion landscape as millions who had been hitherto excluded can now perform financial transactions in a relatively cheap, reliable and secure way. The Fin Scope results found out that 45% of the adult population use mobile money services. Of those using mobile money, 65% mentioned that is convenient, while 36% mentioned that it is cheap. Mobile money is accessible. These drivers are in the backdrop of few or no bank branches in rural communities as well as time and cost of accessing the bank branches. In Zimbabwe, mobile money is mostly used as a vehicle for remittances. While some people are enjoying mobile money services, it is important to mention that there are still people who are excluded from the formal financial system. The reasons why people do not use mobile money are mainly related to poverty issues. Mobile money remains a viable option to push the landscape of financial inclusion in Zimbabwe and other emerging markets where the formal financial system might not be strong.
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Are Indian Investors Return Chasers? An Anatomy of their Trading Behavior

Momentum has remained an unanswered anomaly in finance literature. Researchers have pointed out two arguments, whether the source of prior return anomalies are rational or behavioral. In this paper, we examined return chasing tendency investors and the profitability of probable price momentum strategy in Indian equity market using the monthly return data of equities represented in BSE-500 index encompassing the time period from July 2004 to Jun 2014. Study is an attempt to analyze momentum effect before, during and after the financial crisis of 2007–2009 to check whether investors continue to follow the same strategy during crisis or their behavior undergoes any change. Also study examined the adequacy of rational CAPM models to explain momentum profits. The result evidenced a strong presence of economically and statistically significant momentum profit in Indian stock market equity returns. Therefore return chasing tendency of Indian investors is found to be persistent in the intermediate horizon in Indian context. Closer observation of the results reveals that, Indian investors are winners chasers rather than investor in past losers. Study also confirmed that investors sentiments are volatile according to general market environment and inadequacy of rationalist equilibrium model to explain momentum profits.
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Multi-Index Conditional Investment Performance Measure: An Empirical Analysis

The present study seeks to examine the mutual fund performance of the open-ended selected equity schemes of UTI based on multi-index measures as well as conditional multi-index measure. It is observed from the analysis that multi-index measure is able to capture the beta and alpha effects on market adjusted basis and the estimated coefficients is a better representative as compared to the single index measure. When time lagged (lagged at 1 month, 2 months, quarterly and yearly) multi-index measures are applied then the estimated coefficients (alpha & beta) which are market adjusted and time adjusted look more representative than the multi-index measure (without lagged effect). Finally, when we extended the time lagged multi-index measure on a conditional way (conditional on public information variables) then we observe that conditional multi-index lagged measure provides much more representative results in all respects as compared to the all measures after conditioning public information effects.
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CEO Compensation and Acquired and Acquiring Companies in Large Corporate Acquisitions

This paper examines the relative sensitivity of CEO compensation of both acquiring and acquired firms in the top 30 U.S. largest corporate acquisitions in each year for the period of 2003 to 2012. We find that total compensation and bonus granted to executive compensation for acquired companies, not acquiring companies, are significantly related to the amount of acquisition deal even after the size and firm performance are controlled for. Both acquiring and acquired CEOs are found to make the significantly higher compensation than the matched sample firms in the same industry and calendar year. We also find that executives with higher managerial power, as measured by a lower salary-based compensation mix, prior to a corporate acquisition are more likely to receive a higher executive pay in the year of acquisition. The association between executive compensation and managerial power seems to be stronger for acquired firms than for acquiring firms in corporate acquisition. Overall, our findings suggest that corporate acquisition has higher impacts on executive compensation for acquired firm CEOs than for acquiring firm CEOs.
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Test of CAPM: A Study of India and US

Asset pricing is one of the most important research areas in the field of finance. The simple CAPM model (capital asset pricing model) relates the return of the stocks and portfolios to the market factor captured by beta. Since the formulation of CAPM in 1960s, asset pricing has covered a long distance. We conduct the test of CAPM for India and US by using data from January 2001 to December 2015. We run 84 second pass cross-sectional regression equations to test the applicability of CAPM. The results of our test find that CAPM is not able to capture the cross section of average returns both in India and US and we should consider the alternative asset pricing models to establish the risk-return relationship.
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